The median price of traditionally sold properties dropped 4 percent to $192,000 last month versus a year earlier. Meanwhile, the median for foreclosed properties decreased 11 percent to $105,000, and the median short sale price decreased 7 percent to $134,950.

Pending sales, an indicator of future activity, decreased nearly 18 percent from March 2010 to 4,162 purchase agreements signed last month.

In a potentially positive indicator: Inventory is shrinking, which may help stabilize prices.

Inventory dropped nearly 5 percent to 24,112 units — the lowest March inventory count since 2005. Sellers introduced 6,977 new properties to the market last month, which was roughly 30 percent less than a year ago.

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